Group 1 - The core viewpoint of the report highlights the rapid growth of the "Guzi" economy, driven by a shift from niche subculture to mainstream consumer market, with a market size of 168.9 billion yuan in 2024 and an expected growth to over 300 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 17.79% from 2017 to 2024 [1][22][21] - The "Guzi" products, which are affordable and range from 10 to 200 yuan, have gained popularity among younger consumers, with an average single purchase of 102 yuan and an increase in monthly purchase frequency from 2.3 times in 2023 to 2.9 times in 2025, indicating strong user engagement [1][2][3] - The user base for the "Guzi" economy is substantial, with over 500 million individuals in the pan-anime demographic in China as of 2024, and 88.71% of anime enthusiasts expressing willingness to purchase "Guzi" products [2][29] Group 2 - The supply side of the "Guzi" economy is being optimized, with a notable shift from Japanese IP dominance to the rise of domestic IPs such as "Love and Deep Space" and "Identity V," which are now leading in sales, showcasing the improvement in domestic IP creation capabilities [3][4][5] - The IP licensing system in China has seen significant growth, with retail sales of licensed products reaching 155.09 billion yuan in 2024, doubling since 2017, and the licensing fees increasing from 3.82 billion yuan in 2019 to 5.99 billion yuan [4][30] - The diversification of sales channels, including online platforms like Tmall and JD.com, as well as offline stores, has enhanced consumer access to "Guzi" products, with a rapid expansion of retail outlets in the sector [4][5][22] Group 3 - The "Guzi" economy is expected to benefit from the cultural confidence and the ongoing development of domestic IPs, which are becoming increasingly relevant in the context of rising spiritual consumption among younger generations [5][21][22] - The market is currently concentrated in high-tier cities, with over 55.25% of consumers located in first-tier cities, but there is significant potential for growth in lower-tier cities, where GDP growth is projected to be 6.1% annually from 2023 to 2028 [3][4][22] - The social attributes of "Guzi" products amplify their market impact, with over 70% of consumers sharing their purchases on social media, transforming these products into social media tools that attract new users [2][3][4]

Group 1: Market Growth and Trends - The "Guzi economy" market size in China is projected to grow from 58 billion yuan in 2020 to 168.9 billion yuan by 2024, nearly tripling in size[9] - By 2029, the overall market size is expected to reach 308.9 billion yuan[9] - The number of related enterprises in the Guzi economy has increased from 78,900 in 2015 to nearly 7 million by mid-2025, an increase of 87 times[9] Group 2: Consumer Demographics - Consumers aged 18 to 40 account for over 78% of Guzi product purchases, with the Gen Z demographic contributing more than 50%[13] - Female consumers' share in the Guzi economy is projected to rise from 67% in 2023 to 78% by 2025[13] - High-tier cities account for over 80% of Guzi consumption, indicating potential growth in lower-tier markets[13] Group 3: Challenges and Recommendations - Insufficient copyright protection is harming the interests of original creators and consumers, necessitating stronger IP protection measures[34] - Market disorder due to irrational speculation is disrupting the Guzi economy, highlighting the need for regulatory oversight[34] - The industry faces challenges from homogenized competition, which limits growth potential, suggesting a need for innovation in IP development and product differentiation[36]

Core Viewpoint - The article discusses the growing trend of blind box sales in Japan, particularly focusing on the challenges and consumer behavior associated with mixed pools of merchandise, highlighting the low probability of obtaining desired items and the psychological factors driving consumer purchases [2][4][21]. Group 1: Blind Box Sales in Japan - Japan has a unique culture of blind box sales, where consumers often face low probabilities of obtaining specific items, with chances as low as 1.4% to 2% for popular products [2][4]. - The concept of mixed pools in blind box sales increases the difficulty of obtaining specific items, leading to mixed reactions from consumers, who both criticize and participate in group purchases [4][21]. - Popular IPs (Intellectual Properties) like "Haikyuu" and "Detective Conan" frequently release merchandise with a large number of variations, making mixed pools a common practice [9][11]. Group 2: Consumer Behavior and Market Dynamics - The mixed pool sales model appears to be driven by the desire for higher sales volumes and repeat purchases, transforming consumer spending from "small money for happiness" to "more small money for happiness" [21][34]. - In contrast to Japan, domestic consumers often express dissatisfaction with mixed pool sales, leading to adjustments in pricing and marketing strategies by local IP holders to better align with consumer expectations [22][37]. - The success of mixed pool sales in Japan is attributed to the strong influence of popular IPs and a mature fan economy, which contrasts with the more cautious reception in the domestic market [22][35]. Group 3: Future Prospects and Challenges - The article suggests that while mixed pool sales have proven successful for high-profile IPs, the sustainability of this model in the domestic market remains uncertain due to consumer backlash and the need for continuous optimization [34][37]. - The potential for mixed pool sales to become a mainstream commercial model in the domestic market hinges on addressing consumer concerns and improving the overall purchasing experience [35][39]. - The mixed pool sales strategy has shown promise in increasing revenue for companies, as evidenced by significant year-on-year growth in related merchandise sales [32][34].

Core Insights - The private economy in Jing'an District is expanding significantly, with a focus on high-quality development and innovation in key sectors such as blockchain, new retail, and semiconductors [1][2] - A total of 34 key measures have been outlined in the "Implementation Plan for Promoting High-Quality Development of the Private Economy in Jing'an District," including 11 unique initiatives aimed at enhancing the local private sector [1] Economic Impact - By 2024, the private economy is expected to contribute nearly 30% of the total tax revenue in Jing'an District [2] - The district will host 560 high-tech enterprises by the end of 2024, with nearly 80% being private companies [2] - There are 203 specialized and innovative small and medium-sized enterprises, with 85% being private [2] - The district has attracted 26 private enterprise headquarters across various industries, including software, human resources, and logistics [2] Innovation and Development - The establishment of the "Shu Tong Lian Gu" national blockchain application demonstration zone has led to a more than 300% increase in the number of enterprises over the past year [2] - The "Mei Chuang Jing Jie" skin health management innovation center has been launched, showcasing a collaborative development model among state-owned, foreign, and private enterprises [2] Support and Resources - Companies in Jing'an District benefit from a supportive development environment, resource aggregation, and talent acquisition, enhancing their ability to expand nationally and globally [3]

Group 1 - The core viewpoint of the articles highlights the emergence of the "谷子" economy in China, projected to reach a market size of 168.9 billion yuan in 2024, with a year-on-year growth of 41% [1][2] - The "谷子" market encompasses a variety of products including badges, cards, figurines, and other IP-licensed merchandise, with a structured supply chain involving upstream IP creators, midstream developers, and downstream retailers [1][2] - The demand for "谷子" products is driven by the expanding community of fans in the ACGN (Animation, Comics, Games, Novels) sector, with the user base expected to grow from 212 million in 2017 to 503 million by 2024 [4] Group 2 - The IP landscape in China's "谷子" market is dominated by Japanese and American IPs, which account for 38% and 22% of the top IPs respectively, while Chinese IPs make up 36%, primarily from gaming content [2][3] - The potential for growth in the "谷子" industry is significant, with improvements in IP conversion rates and an increase in the number of specialized players in the supply chain, including copyright agents and retail stores [4] - The interaction between "谷子" consumption and gaming content, along with the rise of social platforms for second-hand trading and community engagement, is expected to further stimulate demand [4]

Core Viewpoint - The Shanghai Baoshan District People's Court has ruled on a case involving the production and sale of pornographic figurines, sentencing 12 defendants, including the factory owner and clerks, for profit from the crime of producing and selling obscene materials, with prison terms ranging from four years and nine months to probation [1][6]. Group 1: Legal and Judicial Context - The court's determination of the figurine as obscene was based on police assessments and testimonies from two underage witnesses who felt embarrassed to display the figurine, indicating its pornographic nature [3][6]. - The case reflects a modern transformation of the "leniency and severity" criminal policy, with strict penalties for main offenders and more lenient treatment for accomplices, demonstrating a balanced approach to justice [6][8]. Group 2: Industry Background - The figurine in question is a female character in a kneeling position, wearing removable lingerie, with wings on her back, and simplified anatomical features, which has sparked controversy [1][3]. - The figurine industry, particularly in Dongguan, is significant, with over 4,000 toy manufacturing companies and nearly 1,500 supporting enterprises, making it a major hub for toy exports in China [4][6]. - The rise of "2D" culture has led to increased popularity of figurines, but some businesses have blurred the lines between "2D" and "soft pornography," resulting in a surge of pornographic figurines in the market [6][8].

Core Insights - The "Guzi" economy, referring to merchandise derived from comics, anime, and games, is rapidly transitioning from a niche market to a mainstream consumer trend among Generation Z [1][2] - The emotional value associated with "Guzi" products, which provide a tangible connection to beloved IPs, is a key driver of this consumption trend [1][3] Market Dynamics - Over 20 first- and second-tier cities in China are developing "Guzi" themed consumer landmarks, with significant examples including the transformation of the underground level of Wangfujing Joy City in Beijing, which is expected to double its revenue in 2024 compared to the previous year [2] - The "Guzi" economy is projected to reach a market size of 168.9 billion yuan in 2024, reflecting a 40.63% increase from 2023, with expectations to exceed 300 billion yuan by 2029 [2] Cultural Impact - Generation Z not only consumes "Guzi" products but also actively creates related cultural content, contributing to the growth of quality cultural IPs [3] - The success of domestic animations and games, such as "Nezha 2," illustrates the synergy between cultural production and consumer demand, enhancing the "Guzi" economy [3] Industry Development - The "Guzi" economy is fostering innovation in consumption scenarios and is seen as a significant contributor to the evolution of China's cultural industry [4] - Ensuring a stable market order and high-quality cultural output is essential for the sustainable growth of the "Guzi" economy, with a focus on copyright protection and product quality [3]

本文字数：1074，阅读时长大约2分钟 2025.04. 24 国元证券在2024年12月发布的《IP供给与精神消费共振，谷子经济崛起》报告中曾表示，相对"日 谷"，"国谷"购买便捷、价格便宜，国产IP的崛起叠加"国谷"在渠道和价格方面的显著优势共同驱动 导读 ： 国潮风格的谷子，让长期习惯"日谷""美谷"的用户有了惊喜感。 作者 | 第一财经 陈杨园 "谷子经济"的热浪中，"国谷"（中国IP谷子）正突破"日谷"（日本IP谷子）包围，迎来迅速增长。 4月24日，闲鱼发布《2025闲鱼谷子趋势报告》，数据显示，今年一季度，闲鱼谷子交易额创历史新 高，"国谷"交易额反超"日谷"。 从具体IP来看，国产女性向游戏《恋与深空》和手游《第五人格》分别升至闲鱼2025年谷圈IP销量 榜第一和第二，超越去年排名前三的日谷"顶流"《排球少年》《蓝色监狱》和《咒术回战》。 此外，哪吒也成为推动"国谷"增长的重要力量。2025年春节档电影《哪吒之魔童闹海》爆火后，第 一季度，闲鱼哪吒IP谷子销量同比激增2346.2%，中国神话题材的国漫《非人哉》IP谷子量同比涨幅 也达到1003.5%。 游戏产业分析师、产业时评人张书乐对记者分 ...

Core Insights - The rise of traditional Chinese culture, represented by the success of "Nezha 2," is creating new commercial opportunities in the cultural industry [1][2][10] - The collaboration between card game companies and popular IPs like "Nezha 2" is forming a unique "mythical universe" that enhances the cultural narrative [1][4] Group 1: Box Office and Market Performance - "Nezha 2" achieved a record-breaking box office of 14.965 billion yuan, making it the highest-grossing animated film globally [2][10] - The derivative products, particularly the card game collaboration, have become highly sought after, leading to a phenomenon of scarcity in the market [2][4] Group 2: Cultural Innovation and Storytelling - The success of the derivative products is attributed to their cultural stories and emotional value, which resonate with consumers [4][7] - The card game company has effectively integrated traditional cultural elements with modern entertainment, appealing to younger audiences [5][7] Group 3: International Market Potential - The success of "Nezha 2" and its derivatives in international markets, including Japan and Southeast Asia, indicates the global potential of Chinese cultural IPs [8][10] - The estimated revenue from "Nezha" series IP derivatives could reach between 10 billion to 15 billion yuan, with the total commercial value projected at 30 billion to 35 billion yuan [10]

首批产品与电影同步上线后即迅速售罄，第二批仅线上销售量就已突破万件。 本文为IPO早知道原创 作者｜苏打 微信公众号｜ipozaozhidao 自2月13日突破100亿元票房后，最新统计数据显示，截至3月2日，全球动画电影票房榜冠军《哪吒 之魔童闹海》（简称《哪吒2》）总票房突破144亿元。更有AI预测，其最终全球票房或将超过178 亿元。 中国动漫的全球化进程已初见成效。作为一种精神符号和文化载体，而今《哪吒2》所承托的意义已 远超一部电影，其背后是中国动漫乃至全产业链的系统性突破——除票房数据外，《哪吒2》犹如一 颗种子炸弹，破土而出的同时，也借由其电影周边衍生品向产业链投入爆发式生长的动力。 据《央视财经》统计，目前《哪吒2》的联名品牌数量已超过20个，覆盖食品饮料、美妆、汽车、潮 玩、数码等多个品类。 据动漫IP衍生品代表企业卡游透露， 其首批产品与电影同步上线后即迅速售罄，第二批预售量已突 破万件， " 为应对市场需求，我们正协同供应链'火力全开'，优化生产流程并加速补货节奏"。 作为奥特曼和小马宝莉卡生产商，卡游早在2024年《哪吒2》上映前便与其达成授权协议，从开发 环节入手深度参与哪吒卡牌的设 ...